11) Merlin Mills issued 30-year bonds one year ago at a coupon rate of 11 percent. The bonds make semiannual payments and have a par value of $1,000. If the YTM is 9 percent, what is the current bond price?

12) The bonds of ESS Industries have a market price of $512.84, a face value of $1,000, and a yield to maturity of 7.34 percent. If the coupon rate of the bonds is 8%, how many years is it until these bonds mature? Assume semiannual compounding.